Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development
Abstract
Introduction. Financial literacy has been recognized worldwide as a significant element of stability and economic and financial growth. With the evolution of financial instruments, the growing importance of financial inclusion, its correlation with financial literacy, and the effects they have on sustainability, the concept of financial literacy is dramatically changing and getting more inclusive, spreading the focus on sustainability, sustainable consumption, and environmental preservation.
Aim and tasks. The aim of the study is to examine the connection between the population's financial literacy level and greenhouse gas emissions. The working hypothesis claims that there is a relationship between financial literacy and the carbon footprint.
Results. The correlation and regression analyses were the main tools in the study, while the dataset for 2014 covered 137 countries, with the main dependent variables being carbon emissions per capita, per unit of gross domestic product, and per unit of energy. The partial correlation coefficients between financial literacy rating and carbon footprint variables were insignificant when controlled for economic development, represented by per capita gross domestic product. Estimated econometric models with financial literacy in quadratic form were adequate and showed a significant connection between financial literacy and carbon emissions per capita and per gross domestic product at the 5% level. The relationship with carbon emissions per unit of energy was significant at the 10% level. In all three models, the relationships followed an inverse U-shape, with low financial literacy increasing the carbon footprint and higher financial literacy decreasing it. The turning numbers for financial literacy were 35.8% for carbon emissions per capita, 41.4% for emissions per unit of gross domestic product, and 32.4% for emissions per unit of energy.
Conclusions. Financial literacy was indeed associated with carbon emissions in a complex, non-linear way. The effect of energy consumption on carbon emissions was stronger than financial literacy and appeared to be the driving force for the increase in carbon emissions. With low financial literacy observed in underdeveloped countries, the situation was not favorable for the environment. As financial literacy increased, welfare, income, and consumption increased too, leading to an increase in greenhouse gas emissions, i.e., a bigger CO2 footprint. Once a certain stage of economic development was reached, the relationship was reversed, i.e., in developed countries, financial literacy worked towards reducing the carbon footprint and protecting the environment.
Keywords:
sustainability, carbon footprint, financial literacy, partial correlation, regression model.References
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Huang, Y., & Zhang, Y. (2020). Financial inclusion and urban–rural income inequality: long-run and short-run relationships. Emerging Markets Finance and Trade, 56 (2), 457-471. https://doi.org/10.1080/1540496X.2018.1562896
Hung, A., Yoong, J., & Brown, E. (2012). Empowering women through financial awareness and education. O.E.C.D. Working Papers on Finance, Insurance and Private Pensions., No. 14.
Iliev, N., Marinov, M., Milinov, V., & Petrova, M. (2023). Is investment portfolio construction sustainable in the circular economy paradigm—the case of ESG investment? In Lecture Notes in Management and Industrial Engineering (pp. 15–42). Springer Nature Switzerland.
Karakoç, M., & Yeşildağ, E. (2017). The financial literacy levels of the students taking finance based lectures at the school of applied science. In Global Issues in Social Sciences Different Perspectives-Multidisciplinary Approaches, 191–205.
Kim, D., Yu, J., & Hassan, M. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1-14. https://doi.org/10.1016/j.ribaf.2017.07.178
Klapper, L., Lusardi. A., & van Oudheusden, P. (2014). Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey.
Kolenatý, M., Kroufek, R., & Činčera, J. (2022). What Triggers Climate Action: The Impact of a Climate Change Education Program on Students’ Climate Literacy and Their Willingness to Act. Sustainability (Switzerland), 14 (16), 10365. https://doi.org/110.3390/su141610365
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Krechovská, M. (2015). Financial literacy as a path to sustainability. Trendy v podnikání, 5, 3-12.
Kurmanov, N., Petrova, M., & Suleimenova, S. (2019). Development of a scientific and innovative sphere in earth resources mining sector of Kazakhstan. E3S Web of Conferences, 105, 04045. https://doi.org/10.1051/e3sconf/201910504045
Kuzior, A., Didenko, I., Vorontsova, A., Lyeonov, A., & Brożek, P. (2022). Managing educational determinants of financial inclusion as a key factor of sustainable development: logit-probit modeling. Polish Journal of Management Studies, 26 (2), 265-279. https://doi.org/1017512/pjms.2022.26.2.16
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Liu, Y., Luan, L., Wu, W., Zhang, Z., & Hsu, Y. (2021). Can digital financial inclusion promote China’s economic growth? International Review of Financial Analysis.
López-Medina, T., Mendoza-Ávila, I., Contreras-Barraza, N., Salazar-Sepúlveda, G., & Vega-Muñoz, A. (2022). Bibliometric Mapping of Research Trends on Financial Behavior for Sustainability. Sustainability, 14, 117. https://doi.org/103390/su14010117
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Published
2023-06-30
How to Cite
(1)
Todorov, L.; Aleksandrova, A.; Ismailov, T. Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development. Economics Ecology Socium 2023, 7, 24-40.
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